Sensex Plunges 656 Points, Nifty Below 17,950 Amid Weak Global Cues

The broader markets outperformed the headline indices with the BSE Midcap index declining 0.34 per cent but the BSE Smallcap rising 0.04 per cent

New Delhi: The key Indian equity benchmarks on Wednesday extended their losses for a second straight day because of selling pressure mainly in IT, banking, and FMCG shares amid global cues.

The 30-share BSE Sensex dived 656 points to close at 60,098, while the broader NSE Nifty settled 175 points lower at 17,938. Sensex has plunged more than 1,200 points in the past two trading sessions. Brent crude futures, too, topped the $88 per barrel-mark.

However, the broader markets, outperformed the headline indices with the BSE Midcap index declining 0.34 per cent but the BSE Smallcap rising 0.04 per cent.

Of the 15 sector gauges, 10 sector gauges, compiled by the NSE, settled in red. Nifty IT underperformed the index by diving as much as 2.13 per cent. Nifty Financial Services also witnessed the selling pressure.

Infosys fell the most among Sensex stocks, declining by 2.85 per cent. Among other IT stocks, TCS fell by 1.87 per cent, Wipro by 1.52 per cent, and HCL Tech by 1.70 per cent.

Asian Paints by 2.71 per cent, HUL declined by 2.41 per cent, Bajaj Finance by 2.07 per cent, and Kotak Bank by 1.86 per cent.

Foreign investors remained net sellers in the Indian equity markets as they offloaded stocks worth Rs 1,254.95 crore on Tuesday, according to stock exchange data.

Asian stock markets declined in cautious trading with Tokyo's Nikkei 225 plunging nearly 3 per cent following losses on Wall Street.

Australia's S&P/ASX 200 fell 1 per cent to 7,332.50. South Korea's Kospi declined 0.8 per cent, the Shanghai Composite lost 0.3 per cent to 3,558.18. Hong Kong's Hang Seng inched up.

Meanwhile, the rupee snapped its 3-day losing streak to settle 14 paise higher at 74.44 (provisional) against the US dollar on Wednesday, tracking positive regional peers, even as the domestic equity market settled with significant losses.

At the interbank foreign exchange market, the rupee opened lower at 74.70 a dollar, registering a decline of 12 paise from the last close. During the day, it pared losses and witnessed an intra-day high of 74.32. 

On Tuesday, the rupee slumped by 33 paise to close at a two-week low of 74.58 against the US dollar.